Bakkt to Acquire Distributed Technologies Research in Stablecoin Payments Push

Core Viewpoint - Bakkt Holdings, Inc. has agreed to acquire Distributed Technologies Research Ltd. (DTR) to enhance its stablecoin settlement and programmable payments capabilities [1] Group 1: Acquisition Details - The acquisition will be executed through an all-equity consideration, with Bakkt issuing shares representing 31.5% of the "Bakkt Share Number" as defined in a prior cooperation agreement [1] - Approximately 9.1 million Class A shares will be issued to DTR shareholders, including DTR founder and Bakkt CEO, Akshay Naheta [2] Group 2: Strategic Implications - The acquisition is expected to accelerate Bakkt's time-to-market for stablecoin settlement by bringing core infrastructure in-house, reducing reliance on third-party providers [3] - Owning DTR's technology will create new revenue opportunities across payments and banking use cases [3] - The deal supports Bakkt's ambition to position itself as a programmable money and next-generation financial infrastructure platform [4] Group 3: Governance and Approvals - The transaction was reviewed and approved by an independent special committee of Bakkt's board [5] - Completion is subject to customary closing conditions, including regulatory approvals and Bakkt shareholder consent [5] - Intercontinental Exchange, Inc., which owns around 31% of Bakkt's Class A common stock, has agreed to vote its shares in favor of the transaction [5] Group 4: Corporate Changes - Bakkt will change its corporate name to "Bakkt, Inc." effective January 22, continuing to trade on the New York Stock Exchange under the ticker BKKT [6] Group 5: Previous Acquisitions - In August, Bakkt acquired approximately 30% of Tokyo-listed textile company MarushoHotta for $115 million, planning to rebrand it as "Bitcoin.jp" [7] - This acquisition aims to transform the 120-year-old Japanese manufacturer into a Bitcoin-focused investment vehicle under new CEO Phillip Lord [7]